The historic Spitalfields Market is to be transformed into an international event, entertainment and retail destination.

Traditional market operator Wellington Market Company, has signed a deal with The Ballymore Group to manage the market in London’s East End, which dates back to 1682.

Wellington’s chief executive, Malcolm Ball, expects the site will become an important venue for London events. This will be in addition to corporate functions and market days - currently Sunday through to Friday - which will be themed to give them a stronger identity.

“We have great plans for the Old Spitalfields Market and we'll shortly be announcing an exciting array of events and activities that will entice more visitors to the site - which will be great news for the market and the surrounding areas,” says Ball.

Before joining the market company, Ball was chief executive of the Vinopolis wine tasting attraction and was also heavily involved in helping develop the Bankside area as a new destination south of the river.

The company is set to take over the market’s operations on 1 February 2010 when the current operator’s contract comes to an end.